How Outsourcing to Accounting Firms in Dubai Saves Your Costs?

As a small or medium sized enterprise, you might face several challenges managing the operations. From handling everyday things to ensuring you stay ahead of competition and navigating the continuously evolving tax regulations, you have to handle a lot of things. In all this, financial management can take a backseat.

Poor accounting can result in scaling issues for your business, which restrict business growth. That’s why you should outsource to accounting firms in Dubai. It is a cost-effective manner for SMEs to grow their business in UAE. In this blog, we will help you realize how outsourcing your accounting can help control the costs and ensure you focus on business growth.

1.      You don’t need to invest in the overheads like full-time salaries, which is important when you hire an in-house accountant or finance team. The qualified accountant’s salary in Dubai can range anywhere between AED 8000 to AED 20,000+ per month. This doesn’t include the benefits, visa fees, insurance, workspace and training costs. You pay for what you need when you outsource to an accounting firm. They can manage everything from monthly bookkeeping to VAT filing, payroll and financial reporting. They offer a pay-as-you-go model, which can help you manage costs as a SME.

2.      By outsourcing to tax and return filing in UAE companies, you can reduce the errors and penalties that you may incur.  VAT, corporate tax and economic substance regulations (ESR) can be tricky in UAE. You might commit mistakes when you file VAT returns, such as filing it late or providing improper documentation. Moreover, it is not easy to manage the regulatory changes. That’s why outsourcing is a good idea. It can help you ensure accuracy while maintaining the records. You can save yourself from expensive errors that will ultimately impact your business.

3.      When you begin outsourcing, you can improve the efficiency of filing returns using the right tools. The accounting firms in Dubai use the current and updated tools like Xero, Zoho Books and QuickBooks Online. It can automate the tasks like invoicing, expense tracking and reconciliation. You can even cut down the time spent on mundane and repetitive tasks. You don’t need to invest in these tools or training required to handle these tools. Eventually, you would spend less money and gain more.

4.      Outsourcing allows you to scale your business while matching the evolving financial needs. The accounting firms can easily help you scale your business finance needs efficiently. Whether you expand into a new free zone or hiring new staff, you can provide flexible service packages to grow your company. With outsourcing, you don’t need to worry about hiring the staff or restructuring your business to attain a milestone.

5.      Managing your accounts with an in-house team can take a lot of time. You need to spend time on strategy, sales and operations. By outsourcing to tax and return filing in UAE companies, you can free up internal resources to do their core jobs. It will enhance decision making as you will get complete insights into your finances as cash flow forecasts.

Outsourcing your accounting can help you gain a strategic and cost advantage, which can fuel your business growth.